{"id":4889,"date":"2022-12-08T15:28:15","date_gmt":"2022-12-08T07:28:15","guid":{"rendered":"https:\/\/blog.btse.com\/?p=4889"},"modified":"2023-03-07T03:09:38","modified_gmt":"2023-03-07T03:09:38","slug":"before-you-invest-litecoin-ltc","status":"publish","type":"post","link":"https:\/\/www.btse.com\/blog\/before-you-invest-litecoin-ltc\/","title":{"rendered":"Before You Invest: Litecoin (LTC)"},"content":{"rendered":"

Here\u2019s another article from our Before You Invest series! In this series, we\u2019ll provide you with all of the information you need to know before investing in certain cryptocurrencies.<\/i><\/p>\n

Litecoin was made to function as a faster, cheaper version of Bitcoin. Released two years after Satoshi Nakamoto\u2019s Bitcoin protocol went online, Litecoin has maintained an active community and remains a popular choice for cryptocurrency investors.<\/p>\n

LTC, Litecoin\u2019s token, has been described as \u201csilver to Bitcoin\u2019s gold\u201d by its creator.<\/p>\n

Litecoin\u2019s network serves not only as a payment system, but also as an important testing ground. Developers who build new functionalities for Bitcoin often run trials on Litecoin\u2019s network, as the two blockchains share many similarities.<\/p>\n

Any investor can acquire LTC tokens on the open market, including on BTSE\u2019s exchange<\/a>. This article will explain what LTC is, its origins, why it\u2019s important, and how it may fit into the portfolios of crypto investors.<\/p>\n

 <\/p>\n

What is Litecoin (LTC)?<\/strong><\/h2>\n

As one of the earliest altcoins, Litecoin was created from a Bitcoin fork in 2011. Litecoin was designed in response to two concerns: Bitcoin was becoming too centralized, and large mining operations were disincentivizing individuals from participating in cryptocurrency mining.<\/p>\n

The team behind Litecoin did not manage to mitigate the growth of major mining companies \u2014 many that operate today mine LTC, although to a lesser extent than Bitcoin. Instead, Litecoin has been reshaped as a peer-to-peer payment network using its LTC token.<\/p>\n

 <\/p>\n

What can Litecoin Do?<\/strong><\/h2>\n

Litecoin is similar to Bitcoin, but was designed based on a slightly different algorithm. Litecoin differs from Bitcoin in four ways:<\/p>\n

    \n
  1. It uses the scrypt hash function for its proof-of-work (PoW) mechanism, while Bitcoin uses SHA-256.<\/li>\n
  2. It generates blocks four times faster, with an average interval of 2.5 minutes.<\/li>\n
  3. Its mining difficulty changes every 2.5 days, as opposed to Bitcoin\u2019s 2 weeks.<\/li>\n
  4. In May 2022, Litecoin completed its Mimblewinble Extension Blocks (MWEB) upgrade, giving users optional privacy features.<\/li>\n<\/ol>\n

    Since Bitcoin and Litecoin are interoperable, it is possible to use Litecoin\u2019s network as an intermediary to join Bitcoin\u2019s Lightning Network payment protocol.<\/p>\n

     <\/p>\n

    Who created Litecoin?<\/strong><\/h2>\n

    Charlie Lee created Litecoin and released it in October 2011. Lee was a software engineer for Google, and wrote code for ChromeOS. After becoming interested in Bitcoin, he took inspiration from the protocol and made Litecoin.<\/p>\n

    Between July 2013 and June 2017, Lee worked for Coinbase, spending his latter two years at the exchange as Director of Engineering.<\/p>\n

    In December 2017, Lee sold or donated all his LTC holdings, except for several physical tokens that he retains as keepsakes, citing what he considered to be a conflict of interest. He is now Director of the Litecoin Foundation, which promotes the adoption and development of Litecoin.<\/p>\n

     <\/p>\n

    How to mine Litecoin?<\/strong><\/h2>\n

    Litecoin is a PoW protocol, so mining LTC tokens begins with configuring the right hardware. Specifically, would-be miners need to use ASIC (application-specific integrated circuits) mining machines rather than CPU or GPU cards. ASIC machines are tailor-made to mine PoW cryptocurrencies.<\/p>\n

    Configuring an ASIC rig for mining LTC tokens involves installing software that distributes work to miners, then adds new blocks to the Litecoin blockchain. If you are interested in mining LTC on your own, we urge you to examine what type of software suits your needs and limitations. There is a user-friendly software that is easy to deploy, as well as more advanced suites that offer a high degree of customization but require some coding skills.<\/p>\n

    The next step for most miners is to join a mining pool. This is necessary for most individuals as large operations mine LTC tokens at an industrial scale, utilizing mining farms that are at times the size of football fields to gain an edge. Mining pools allow individuals to combine their mining power and split the rewards for contributing to the network. Part of those rewards will be paid as fees to the pool\u2019s operator.<\/p>\n

    The cost of undertaking this process can be high. Some ASIC miners can be set up with an investment of several hundred US dollars, although a professional setup can cost five figures. Additionally, the cost of electricity needs to be taken into account \u2014 a rig that runs 24 hours a day and 7 days a week can lead to a hefty power bill.<\/p>\n

     <\/p>\n

    What is Litecoin Explorer?<\/strong><\/h2>\n

    A Litecoin explorer allows users to search for transaction details on the Litecoin blockchain. To utilize a Litecoin explorer, you will need to input information for a search: an address, a transaction number, or a block number.<\/p>\n

     <\/p>\n

    Where and how can I buy Litecoin?<\/strong><\/h2>\n

    The LTC token is listed on the world\u2019s top cryptocurrency exchanges, including BTSE.<\/p>\n

    Swapping for LTC on BTSE\u2019s exchange is an easy 5-step process:<\/strong><\/h3>\n
      \n
    1. Log in to your personal account on BTSE. If you do not have a BTSE account, you can register here<\/a>.<\/em><\/li>\n
    2. In the \u201cSpot\u201d section, choose \u201cLTC\u201d as one element of your trading pair.<\/li>\n
    3. Choose the other element in the trading pair \u2014 you can define the stablecoin, fiat currency, or cryptocurrency that best fits your trading strategy.<\/li>\n
    4. Select the type of order you want to place \u2014 limit or market \u2014 then enter the amount of LTC you want to buy.<\/li>\n
    5. Click \u201cBuy Order.\u201d<\/li>\n<\/ol>\n

      And then you\u2019re done! Your new LTC token balance will be displayed in your wallet.<\/p>\n

       <\/p>\n

      Closing thoughts<\/strong><\/h2>\n

      LTC is one of the most popular cryptocurrencies. It consistently ranks among the top 15 tokens by market capitalization, and its legacy of being one of the first altcoins along with its payment utility make LTC a popular choice for investors who believe in the potential for cryptocurrencies to be applied in the field of remittance.<\/p>\n

      Disclaimer<\/strong><\/p>\n

      Any data, text, or other content on this page is provided as general market information and not as investment or financial advice. Past performance is not necessarily an indicator of future results.<\/em><\/p>\n

       <\/p>\n

      \n

      Our aim is to create a platform that offers users the most enjoyable trading experience. If you have any feedback, please reach out to us at\u00a0<\/i>feedback@btse.com<\/i><\/a> or on Twitter @BTSE_Official.<\/i><\/p>\n

      Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

      Here\u2019s another article from our Before You Invest series! In this series, we\u2019ll provide you with all of the information you need to know before investing in certain cryptocurrencies. Litecoin was made to function as a faster, cheaper version of Bitcoin. Released two years after Satoshi Nakamoto\u2019s Bitcoin protocol went online, Litecoin has maintained an […]<\/p>\n","protected":false},"author":1,"featured_media":5532,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-4889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education"],"yoast_head":"\nBefore You Invest: Litecoin (LTC) — BTSE Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.btse.com\/blog\/before-you-invest-litecoin-ltc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Before You Invest: Litecoin (LTC)\" \/>\n<meta property=\"og:description\" content=\"Here\u2019s another article from our Before You Invest series! 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